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Stock Market & Financial Investment News

News For JPM;BAC;WFC From The Last 14 Days
Check below for free stories on JPM;BAC;WFC the last two weeks.
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April 17, 2014
16:45 EDTBACMarket swings to gains in holiday-shortened week
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10:27 EDTJPMJPMorgan looks to technology startup apps to plan mobile future, Bloomberg says
When it came time to update its mobile banking app, JPMorgan's (JPM) digital chief Gavin Michael studied software created by technology startups, such as Uber and GrubHub's (GRUB) Seamless, for inspiration to give the app a more "simple, human, cohesive" design, according to Bloomberg, citing comments from Michael. Reference Link
09:59 EDTBACOn The Fly: Analyst Upgrade Summary
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07:32 EDTBACBank of America upgraded at Oppenheimer
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06:44 EDTBAC, JPMBank of America to pay $950M to settle mortgage allegations, NY Times says
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06:31 EDTWFC, JPM, BACBig banks boosting their business lending, WSJ reports
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06:28 EDTBACBank of America upgraded to Outperform from Perform at Oppenheimer
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April 16, 2014
17:28 EDTBACBank of America still a buy, Barron's says
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16:40 EDTBACOn The Fly: Closing Wrap
Stocks on Wall Street were higher after Fed Chair Janet Yellen struck a dovish tone in comments to the Economic Club of New York, which was in step with the minutes of the last FOMC meeting released last week. The Fed also released its latest Beige Book report, which indicated that economic activity increased in most regions after the severe winter weather that gripped much of the country to start the year had let up. Corporate earnings season continues to pick up steam, with Dow members IBM (IBM) and American Express (AXP), as well as Google (GOOG), reporting after the market close. ECONOMIC EVENTS: In the U.S., housing starts in March were up 2.8% from the prior month to a rate of 946K, versus expectations for an increase of 7%. Building permits were down 2.4% to a 990K rate, versus expectations for a decline of 0.4%. Industrial production rose 0.7% in March, which was ahead of the 0.5% forecast. The Fed's Beige Book report indicated that economic activity rebounded and strengthened in most regions over the last six week. In China, data showed its economy grew 7.4% in the first quarter from a year earlier, providing relief after recent signs that growth in the world's second largest economy has been slowing. COMPANY NEWS: Bank of America (BAC) fell 26c, or 1.59%, to $16.13 after the bank reported a first quarter loss of 5c per share, largely due to $6B in legal charges. Excluding the impact of this litigation expense, which was related to a previously announced settlement with the Federal Housing Finance Agency and other legacy mortgage-related matters, the banking major reported earnings that appeared to beat estimates... Yahoo (YHOO) gained $2.14, or 6.26%, to $36.35 after its quarterly report, with investors reacting most positively to the 66% year-over-year revenue growth reported by Chinese e-commerce company Alibaba, in which Yahoo holds a 24% stake. Yahoo's quarterly profit and revenue also beat expectations and the company's CEO Marissa Mayer said during its earnings webcast that the search giant's core business has moved from declining growth to stable to modest growth. MAJOR MOVERS: Among the notable gainers was CBS Outdoor (CBSO), which jumped $1.94, or 6.69%, to $30.96 after the IRS approved a plan for the company, which was just last week spun-off from its parent CBS (CBS), to convert into a real estate investment trust, or REIT. Other companies seeking REIT status, including Equinix (EQIX), Iron Mountain (IRM) and Lamar Advertising (LAMR), also rose following CBS' announcement. Also higher was drugmaker Zogenix (ZGNX), up 48c, or 20.51%, to $2.82 after confirming that a judge prevented a ban on sales of the company's Zohydro pain medication in Massachusetts. Among the noteworthy losers were U.S.-listed shares of Credit Suisse (CS), which fell 54c, or 1.7%, to $31.22 after the Swiss bank reported net income and revenue that fell when compared to the prior year. Also lower were Agnico Eagle Mines (AEM) and Yamana Gold (AUY) after agreeing to jointly acquire Osisko Mining. Angico shares fell $2.61, or 8.56%, to $27.88, while Yamana was down 36c, or 4.3%, to $8.02. INDEXES: The Dow was up 162.29, or 1.0%, to 16,424.85, the Nasdaq was up 52.06, or 1.29%, to 4,086.23, and the S&P 500 was up 19.33, or 1.05%, to 1,862.31.
16:00 EDTBACOptions Update; April 16, 2014
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14:42 EDTBACBofA in mortgage settlement talks with DOJ, multiple AGs, WSJ says
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12:47 EDTBACOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as the earnings season picks up steam. Stocks began the session sharply higher, with the market attempting to extend the rally that began on Monday. The move upward comes in spite of the day’s housing data coming in below expectations. This afternoon, investors will be watching the Fed’s Beige Book report in hopes it provides evidence that the economy is strengthening. ECONOMIC EVENTS: In the U.S., housing starts in March were up 2.8% from the prior month to a rate of 946K, versus expectations for an increase of 7%. Building permits were down 2.4% to a 990K rate, versus expectations for a decline of 0.4%. Industrial production rose 0.7% in March, which was ahead of the 0.5% forecast. The Fed’s Beige Book report, which includes anecdotal reports on business conditions in the various Fed districts, is due out at 2:00 pm ET. In China, data showed its economy grew 7.4% in the first quarter from a year earlier, providing relief after recent signs that growth in the world's second largest economy has been slowing. COMPANY NEWS: Shares of Bank of America (BAC) were down over 2% near midday after the company reported a first quarter loss of 5c per share, which was influenced by $6B in legal charges. The $6B in litigation expense, which was related to a previously announced settlement with the Federal Housing Finance Agency and added reserves for other legacy mortgage-related matters, hurt the banks earnings by about 40c per share... Yahoo (YHOO) rose more than 6% after reporting first quarter profit and sales last night that beat expectations. A great deal of attention was also paid to the 66% year-over-year increase in revenue reported by Alibaba, the Chinese group of e-commerce sites in which Yahoo has a 24% stake. This morning, Wells Fargo upgraded its rating on Yahoo to Outperform from Market Perform and raised its price target range for shares to $45-$47 from $38-$40, while Jefferies assumed coverage of Yahoo and also raised its rating on the stock. MAJOR MOVERS: Among the notable gainers was SodaStream (SODA), which surged 9% after an Israeli website said that the company was in talks to sell a 10% or greater stake to a big name company such as PepsiCo (PEP), Dr Pepper Snapple (DPS), or Starbucks (SBUX). Also higher was drugmaker Zogenix (ZGNX), which gained nearly 10% after confirming that a judge prevented a ban on sales of the company's Zohydro pain medication in Massachusetts. Among the noteworthy losers was Agnico Eagle Mines (AEM), which fell 7.5% after agreeing to jointly acquire Osisko Mining in partnership with Yamana Gold (AUY). Yamana shares were also down 3%. Also lower following their earnings reports were ADTRAN (ADTN), which fell nearly 6%, and CSX (CSX), which dropped about 3%. INDEXES: Near midday, the Dow was up 124.14, or 0.76%, to 16,386.70, the Nasdaq was up 37.86, or 0.94%, to 4,072.02, and the S&P 500 was up 13.52, or 0.73%, to 1,856.50.
11:40 EDTBACBank of America management to meet with Jefferies
Meeting to be held in Boston on April 22 hosted by Jefferies.
10:11 EDTBACBank of America falls after results, levels to watch
Shares are trading near the session low at $15.82 following earnings. At that price next support is at $15.18. Resistance is at $16.20.
09:36 EDTBACActive equity options trading on open
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09:17 EDTJPMHigher One appoints Sheinbaum CEO
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09:11 EDTBACBofA sees being in better position in Q2 compared to start of the year
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08:52 EDTBACBank of America still sees 'New BAC' quaterly savings of $2.0B by mid-2015
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07:11 EDTBACBank of America reports book value per share $20.75 at March 31
Tangible book value per share was $13.81 at March 31, compared to $13.79 at December 31, 2013 and $13.36 at March 31, 2013. Book value per share was $20.75 at March 31, compared to $20.71 at December 31, 2013 and $20.19 at March 31, 2013.
07:10 EDTBACBank of America estimates Basel 3 Standard common tier 1 capital ratio 9.3%
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07:07 EDTBACBank of America says Q1 earnings hurt by resolving more mortgage issues
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07:05 EDTBACBank of America reports Q1 provision for credit losses $1.01B
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07:03 EDTBACBank of America reports Q1 EPS ex-items 35c, consensus 27c
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April 15, 2014
15:25 EDTBACBank of America April 16 straddle priced for 3.3% move
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15:19 EDTBACNotable companies reporting before tomorrow's open
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13:06 EDTBACEarnings Preview: Analysts lukewarm on Bank of America into Q1 results
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12:01 EDTBACFirst Majestic announces $30M forward sale contract on lead production
First Majestic (AG) announced that it has entered into a $30M forward sale contract with Bank of America (BAC) Merrill Lynch on a portion of the company's future lead production. The company executed this forward sale contract for 15,911.3 metric tonnes of lead at a fixed price of $0.945 per pound for total proceeds of $30M. The contract term is valid from April to September 2017, with a six-month repayment holiday from April to September. The forward sale contract is financially settled from the sale of lead from any of First Majestic's operations and represents approximately 35% of the company's total estimated future lead production over this period. The purpose of this prepayment contract is to fund the Company's continuing expansion plans and for general working capital.
10:25 EDTBACBank of America reports March default rate 3.55% vs. 3.53% last month
Reports March delinquency rate 2.18% vs. 2.26% last month.
09:49 EDTJPMJPMorgan reports March net credit losses 3.07% vs. 2.82% last month
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07:28 EDTBACBofA/Merrill's to hold a breakfast meeting
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April 14, 2014
16:00 EDTBACOptions Update; April 14, 2014
iPath S&P 500 VIX Short-Term Futures down 32c to 44.41. Option volume leaders: AAPL C GILD TSLA LNG NQ BAC ZNGA according to Track Data.
10:56 EDTWFC, JPMMasterCard, Visa rise after analysts recommend their shares
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09:05 EDTJPMJPMorgan valuation still attractive, says Wells Fargo
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07:08 EDTJPMJPMorgan has good value for patient investors, says Bernstein
After JPMorgan reported weaker than expected Q1 results, Bernstein reduced its 2014 EPS estimate for the company to $5.50 from $5.80. However, the firm thinks the company could benefit from higher interest rates, while its valuation is attractive. Bernstein keeps an Outperform rating on the stock.
April 11, 2014
17:28 EDTJPMJPMorgan outlook promising despite earnings shortfall, Barron's reports
Despite JPMorgan's stock falling 3.5% in today's trading after a tough quarter where the bank fell short of "already dim" projections, the bank's outlook is "promising" and the bank "should reward patience," according to Barron's "Barron's Take" column. Reference Link
17:09 EDTWFC, JPMStocks tumble as investors remain skittish
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16:21 EDTWFC, JPMOn The Fly: Closing Wrap
Stocks on Wall Street were lower in a session that saw the averages struggle for direction early before sellers gained control and pushed stocks lower through the second half of the session. With today's losses, the averages each finished the week with losses greater than 2%, with the tech-heavy Nasdaq losing 3% to close below 4,000 for the first time since early February. ECONOMIC EVENTS: In the U.S., the Producer Price Index jumped 0.5% in March, versus expectations for it to be up 0.1%. The University of Michigan consumer sentiment reading jumped to 82.6 in the preliminary April look, which was better than forecast and its highest reading since July. COMPANY NEWS: JPMorgan (JPM) and Wells Fargo (WFC) kicked off earnings season for the major banks, with their quarterly results, and stocks, moving in opposite directions following the news. Dow member JPMorgan fell $2.10, or 3.66%, to $55.30 after its earnings per share and revenue significantly trailed consensus estimates. Shares of Wells gained 37c, or 0.78%, to $48.08 after the bank's profits beat the consensus forecast. MAJOR MOVERS: Among the notable gainers was BofI Holding (BOFI), up $6.02, or 8.09%, to $80.46 near midday after the company last night announced a deal to acquire H&R Block's (HRB) bank assets. H&R Block shares fell 78c, or 2.74%, to $27.64. Also higher was Zygo (ZIGO), up $4.75, or 32.36%, to $19.43 after the company agreed to be acquired by Ametek (AME) for $19.25 per share in cash in a deal that represents an aggregate enterprise value of $280M for Zygo. Among the noteworthy losers was Herbalife (HLF), down $8.36, or 13.97%, to $51.48 after a report late in the session from the Financial Times said the company is facing a criminal investigation from the U.S. Department of Justice and FBI regarding its business practices. Also lower was NQ Mobile (NQ), a recent target of noted short-seller Carson Block, down $3.29, or 20.58%, to $12.70 after its profit missed expectations and the company disclosed that it found accounting errors in its recent reports. INDEXES: The Dow was down 143.47, or 0.89%, to 16,026.75; the S&P 500 was down 17.39, or 0.95%, to 1,815.69; the Nasdaq was down 54.37, or 1.34%, to 3,999.73.
13:01 EDTJPM, WFCOn The Fly: Midday Wrap
Stocks on Wall Street were lower again at midday, with the Dow being weighed on by a disappointing earnings report from banking giant JPMorgan (JPM). The reports from JPMorgan and peer Wells Fargo (WFC) certainly seemed to have more of an impact on market sentiment than the better than expected University of Michigan consumer confidence reading. ECONOMIC EVENTS: In the U.S., the Producer Price Index jumped 0.5% in March, versus expectations for it to be up 0.1%. The University of Michigan consumer sentiment reading jumped to 82.6 in the preliminary April look, which was better than forecast and its highest reading since July. COMPANY NEWS: JPMorgan and Wells Fargo kicked off earnings season for the major banks, with their stocks moving in opposite directions to mirror their earnings results. Dow member JPMorgan slipped more than 3% after its earnings per share and revenue significantly trailed consensus estimates, while Wells shares gained about 1.5% after the bank's profits beat the consensus forecast. Both noted, however, that their capital levels continued to strengthen during the quarter and both gave optimistic views on their ability to continue to reduce expenses. MAJOR MOVERS: Among the notable gainers was BofI Holding (BOFI), which rose 11% near midday after the company last night announced a deal to acquire H&R Block's (HRB) bank assets. H&R Block shares were down over 2% near noon. Also higher was mobile game maker Zynga (ZNGA), whose shares gained almost 3% after the company announced a new CFO and the stock was upgraded to Equal Weight by analysts at Morgan Stanley. Another gainer, Zygo (ZIGO), jumped 31% after the company agreed to be acquired by Ametek (AME) for $19.25 per share in cash in a deal that represents an aggregate enterprise value of $280M for Zygo. Shares of Ametek also rose 1.5% following the deal announcement. Among the noteworthy losers was 3D-printer maker Voxeljet (VJET), which fell 16% after its 3-million-share secondary offering of common stock priced at $15.00. Also lower was NQ Mobile (NQ), a recent target of noted short-seller Carson Block, which dropped over 13% after its profit missed expectations and the company disclosed that it found accounting errors in its recent reports. INDEXES: Near midday, the Dow was down 81.88, or 0.51%, to 16,088.34, the Nasdaq was down 15.30, or 0.38%, to 4,038.80, and the S&P 500 was down 6.89, or 0.38%, to 1,826.19.
10:44 EDTWFCWells Fargo sees FY NIM growth similar to last year
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09:52 EDTWFCWells Fargo rises after results beat expectations, levels to watch
The shares are trading up following results, last at $47.97. At that price, the next major resistance level is at the 52-week high of $50.49. Support is at $46.72, the low of the session.
09:37 EDTBACActive equity options trading on open
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09:31 EDTJPMJPMorgan CEO Dimon says bank 'one of the good guys' in 'Flash Boys'
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09:26 EDTJPMJPMorgan falls after results, levels to watch
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09:19 EDTWFCWells Fargo reports Q1 NIM down 7 bps to 3.2%
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09:13 EDTJPM, WFCOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Fastenal (FAST), up 3%... Wells Fargo (WFC), up 0.2%. ALSO HIGHER: H&R Block (HRB), up 5% after announcing a deal for BofI (BOFI) to acquire H&R Block's bank assets. Bofi up 9.4% after the deal announcement... Zynga (ZNGA), up 1.7% after naming new CFO, shares upgraded to Equal Weight at Morgan Stanley... SINA (SINA), up 2% after announcing up to $500M share repurchase program. DOWN AFTER EARNINGS: JPMorgan (JPM), down 3.7%... NQ Mobile (NQ), down 14.6%. ALSO LOWER: Gap (GPS), down 4% after reporting March SSS fell 6%, shares downgraded at Janney Capital... Voxeljet (VJET), down 16% after 3M share secondary offering priced at $15.00... Datawatch (DWCH), down 29% after cutting its second quarter revenue outlook.
09:03 EDTJPMJPMorgan sees core margin to be 'relatively stable' throughout 2014
JPMorgan CFO Marianne Lake said the bank expects its core margin to be "relatively stable" throughout 2014 and to be "relatively stable to positive" in 2015.
08:53 EDTJPMJPMorgan weakness a buying opportunity, says BofA/Merrill
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08:47 EDTJPMJPMorgan CFO says environment for M&A remains 'robust'
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08:45 EDTJPMJPMorgan CFO Lake says bank lost share in mortgages
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08:38 EDTBACBank of America April volatility elevated into Q1 and revenue growth outlook
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08:35 EDTJPMJPMorgan CFO says reported net income 'very close' to being core result
Says no one-time or non-recurring impacts to quarter were significant enough to be communicated as adjustments in earnings press release. JPMorgan CFO Marianne Lake speaking on Q1 earnings conference call.
08:32 EDTJPMJPMorgan sees adjusted expense to be below $59B for 2014
JPMorgan expects Treasury and CIO NII to break-even during the second half of 2014. The bank expects adjusted expense to be below $59B for 2014. JPMorgan is targeting Basel III Tier 1 common ratio of 10%+, with a Firm SLR target of 5.5%+/- and a Bank SLR target of 6%+.
08:29 EDTJPMJPMorgan: card releases 'essentially done,' potential for more mortgage releases
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08:15 EDTWFCWells Fargo continues to expect future reserve releases
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08:07 EDTWFCWells Fargo reports Q1 Basel III Advanced Tier 1 ratio 10.04%
Wells said capital continued to strengthen in the first quarter, with Common Equity Tier 1 of $132.7B under the Basel III General Approach, or 11.36% of risk-weighted assets. The Common Equity Tier 1 ratio under Basel III under the Advanced Approach, fully phased-in, was 10.04%.
08:04 EDTWFCWells Fargo reports Q1 provision for credit losses $325M
Reports net charge-offs of $825M, down $594M from first quarter 2013. Reports $500M reserve release due to continued strong credit performance and improved economic conditions. Chairman and CEO John Stumpf said, "First quarter 2014 earnings were another record for our Company and capital levels continued to strengthen. Returning more capital to our shareholders has remained a priority for Wells Fargo and we were pleased to have received a non-objection to our 2014 CCAR submission." CFO Tim Sloan said, “We are very pleased with Wells Fargo’s performance in the first quarter, particularly in some of the fundamental drivers of long term growth: loans, deposits, investments, capital and credit quality. Revenue remained relatively stable despite the impact of fewer days in the quarter, reflecting contributions from our diversified sources of fee revenue. In addition, we generated revenue more efficiently as we reduced expenses year-over-year and compared with fourth quarter of last year.”
08:01 EDTWFCWells Fargo reports Q1 EPS $1.05, consensus 97c
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07:52 EDTJPMManhattan federal prosecutors probe JPMorgan's Masters, Bloomberg says
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07:32 EDTJPMJPMorgan's Masters aimed to keep CEO position in sale, Bloomberg says
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07:27 EDTJPMFutures indicate market slide may continue
Stock futures are suggesting another lower as the market appears ready to extend its slide. Any help investors expected from earnings reports from JP Morgan (JPM) were dashed when the company missed Wall Street estimates. Investors will be watching economic data today, including the producer price index and the University of Michigan's consumer confidence report.
07:18 EDTJPMJPMorgan down 1.6% in pre-market trading after Q1 report
07:13 EDTJPMJPMorgan reports Q1 mortgage application volumes down 57% from prior year
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07:10 EDTJPMJPMorgan CEO Dimon has 'growing confidence' in economy
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07:07 EDTJPMJPMorgan Q1 Basel III Tier 1 common ratio 9.5%
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07:06 EDTJPMJPMorgan Q1 headcount down 8,904 from prior year to 246,994
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07:06 EDTJPMJPMorgan reports Q1 provision for credit losses $850M
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07:04 EDTJPMJPMorgan board authorizes firm to repurchase $6.5B of common equity
The board authorized the firm to repurchase $6.5B of common equity commencing within Q2 this year through the end of the first quarter of 2015. During the first quarter of 2014, the Firm repurchased $400M of common equity. The Federal Reserve Board informed the Firm that it does not object to the Firm’s proposed 2014 capital distribution plan.
07:03 EDTJPMJPMorgan reports Q1 Consumer and Community Banking revenue $10.46B
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07:03 EDTJPMJPMorgan board increases quarterly dividend to 40c from 38c
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07:01 EDTJPMJPMorgan reports Q1 Basel 1 Tier 1 Capital Ratio 12.1%
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07:01 EDTJPMJPMorgan reports Q1 EPS $1.28, consensus $1.40
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07:00 EDTJPMJPMorgan reports Q1 EPS $1.28, consensus $1.40
Reports Q1 revenue $22.99B, consensus $24.53B
06:03 EDTJPMJPMorgan CEO Jamie Dimon hopes to minimize corporate cash, WSJ says
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April 10, 2014
15:25 EDTWFC, JPMNotable companies reporting before tomorrow's open
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13:33 EDTJPMEarnings Preview: Analysts mixed on JPMorgan into Q1 results
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13:08 EDTJPMJP Morgan April weekly 58 straddle priced for 2% move into Q1
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13:07 EDTWFCWells Fargo April weekly 50 straddle priced for 2% move into Q1
12:36 EDTWFCEarnings Preview: Wells Fargo to report results after dividend hike
Wells Fargo (WFC), a bank holding company, is scheduled to report first quarter earnings before the open on Friday, April 11, with a conference call scheduled for 10:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of 97c on revenue of $20.6B, according to First Call. The consensus range for EPS is 90c-$1.02 on revenue of $19.5B-$22.41B. LAST QUARTER: Wells Fargo reported higher than expected Q4 EPS and revenue. The company said that it believes it can continue to grow its net interest margin over time. In a statement, CEO John Stumpf said, "Strong earnings power and capital levels, and an improving economic outlook are major reasons why we look ahead to 2014 with optimism." On March 26, Wells Fargo reported that the Federal Reserve had approved the bank’s capital allocation plan. Under the plan, Wells plans to pay a dividend of 35c per share. The dividend, which was increased 16.7% over prior levels, must be approved by the bank’s board of directors at its April 29 meeting. The bank also authorized the repurchase of an additional 350M shares of its own stock. STREET RESEARCH. In a note to investors on April 8, UBS wrote that Q1 may be the first quarter in four years that Wells Fargo’s EPS will not grow versus the previous quarter, as it believes the bank was hit with seasonal costs in Q1 that were not offset by revenue increases. The bank’s EPS will drop to 97c in Q1, down from $1.00 in Q4, but will still be up 5% versus the first quarter of 2013, the firm predicted. On a positive note, UBS contended that Wells Fargo was "a relative winner" of the Fed’s capital plan approval process. Although Wells' board has approved a 350M share increase in the bank’s stock repurchases, it typically doesn’t carry out large share repurchases, UBS stated. Wells should benefit from a continued U.S. economic recovery, but its shares already reflect such an outlook, according to UBS, which kept a Neutral rating on the stock. Meanwhile, Oppenheimer was somewhat upbeat about the sector's outlook. In a note to investors on April 3, the firm predicted that bank stocks would outperform the broader market by a few hundred basis points per year. Loan growth "remains sluggish," but reduced credit costs and expenses should enable banks to report results that show slight year-over-year improvements, the firm contended. PRICE ACTION: Wells’ stock is little changed over the last month, but is up 6% so far this year and nearly 29% over the last 12 months.
11:21 EDTBACBank of America falls to important support area, levels to watch
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08:37 EDTJPMDimon admits JPMorgan had 'tin ear' when listening to regulators, Reuters says
JPMorgan CEO Jamie Dimon said the company had a “tin ear” when dealing with regulators before settling investigations into mortgage lapses and trading losses, according to Reuters, citing comments from Dimon in a letter to the bank's investors. Dimon said, "Our response generally was, ‘We know what we’re doing.' Well, we should have done more self-examination. We need to be better listeners.” Reference Link
07:43 EDTJPMJPMorgan (JPM) CEO says 2013 was a year of 'pain,' WSJ reports
J.P. Morgan CEO Jamie Dimon acknowledged in his annual shareholder letter that legal issues and new regulations faced by the bank made 2013 "the most painful, difficult and nerve-wracking experience" he has ever dealt with professionally, reported The Wall Street Journal. Reference Link
07:30 EDTWFCWells Fargo April volatility elevated at 20 into Q1 and outlook
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06:41 EDTJPMGo Daddy hires Morgan Stanley, JPMorgan for IPO, NY Times says
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06:35 EDTBAC, JPM, WFCMobile banking presents opportunity and risks for banks, WSJ reports
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April 9, 2014
13:37 EDTBACBank of America ordered by CFPB to pay $727M for illegal credit card practices
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12:24 EDTBACBank of America to pay $800M in credit card settlement, WSJ says
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08:48 EDTBACHuntington Bancshares to acquire 11 branches in central, east Michigan
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07:51 EDTJPMJP Morgan April volatility up into Q1 and outlook
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07:50 EDTJPMCEO Dimon says U.S. banking system 'sound,' Europe lagging, Reuters says
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07:41 EDTBACBofA unit, Allstate dismiss toxic mortgage debt suit, Reuters says
Allstate (ALL) and Bank of America's (BAC) Countrywide unit have agreed to end a lawsuit stemming from $700M of toxic mortgage debt, according to Reuters, citing a court filing. Reference Link
07:18 EDTJPMLevy Economics Institute to hold a conference
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07:00 EDTBACBofA, Intel fire 3K workers, leaving Costa Rica shocked, Bloomberg says
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06:35 EDTWFC, JPM, BACRegulators increase leverage ratio requirement for large banks, NY Times says
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06:27 EDTJPM, BAC, WFCBig banks must add capital to comply with new rules, WSJ reports
A of January 1, 2018, the U.S.'s eight largest banks -- including Citigroup (C), JPMorgan (JPM) and Goldman Sachs (GS) -- must add up to $68B in extra capital to comply with a new rule intended to help firms weather losses during periods of market stress, the Wall Street Journal. The banks will be required to maintain well above the minimum levels of capital held against assets on their books. Banks must report the new levels next year. Reference Link
April 8, 2014
07:28 EDTJPMSecurity Innovation Network to hold a forum
IT Security Entrepreneurs Forum: ITSEF 2014 is being held in Mountain View, California on April 8-9.
07:26 EDTJPMElsevier Business Intelligence to hold a conference
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April 7, 2014
19:57 EDTJPM, WFC, BACFederal Reserve announces extension on some CLOs
The Federal Reserve Board announced that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations, or CLOs, covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Volcker rule. Section 619 of the Dodd-Frank Act directed the board to adopt rules for the conformance period and the board previously extended the conformance period for all activities and investments by one year to July 21, 2015. To ensure effective compliance, the board intends to grant banking entities two additional one-year extensions, which together would extend until July 21, 2017, to conform their ownership interests in and sponsorship of CLOs to the statute. Publicly traded companies that may be impacted by the announcement include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
08:56 EDTJPMJPMorgan, U.K.'S DFID, CDC to invest $20M combined in Novastar Ventures
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